The New York City (“City”) Department of Finance (“DOF”) has taken a significant step forward in implementing its corporate tax reform provisions enacted in 2015 by proposing the first installment of its regulations under a new Chapter 11A of Title 19 of the Rules of the City of New York (“Proposed Rules”). These Proposed Rules come nearly two years after the New York State (“State”) Department of Taxation and Finance (“DTF”) adopted its final regulations…
On July 4, 2025, President Donald Trump signed the One Big, Beautiful Bill Act (hereinafter, “OBBBA” or “the Act”) into law. OBBBA enacts sweeping changes to the Internal Revenue Code (“Code”), many of which will impact taxpayers at the state level, including reforms to the federal state and local tax (“SALT”) deduction, Global Intangible Low-Taxed Income (“GILTI”), Foreign-Derived Intangible Income (“FDII”), section 174 research and development expensing, and section 163(j) business interest deduction limitations. Notably,…